#18 How To Save For Your First Property Effectively & Efficiently + Leverage vs Paying in full!

How To Save For Your First Property Effectively & Efficiently + Leverage vs Paying in full!

What’s the process of our younger generation moving out from their parents’ home and into their own? While many young individuals aspire to rent a place after graduating, it is worth considering the alternative of pumping rental money in a mortgage instead.

To explore this topic further, we have enlisted the insights of Melvin Lim, Grayce, George, and Yu Rong, from PropertyLimBrothers to discuss various financing options available to first-time homebuyers. Additionally, they will provide valuable advice on effective and efficient methods of saving up for your initial property investment. For the keen investor, what are the benefits of leveraging rather than paying in full? Gear up with more real estate tips on this week’s Nuggets On The Go!

(00:00:00) Introduction
(00:03:07) NOTG Cups
(00:04:10) Save up for your first down payment
(00:10:25) First property, private property or HDB?
(00:17:00) Co-investing for your first property
(00:24:03) Options for young couples of owning your first property
(00:31:43) What is owner-occupier route?
(00:34:28) BTO route
(00:36:53) Time matters for your property
(00:39:44) Why is it better to leverage?
(00:46:38) Melvin's Mom property investment
(00:47:50) Insurance to cover risk
(00:51:08) Saving up methods
(01:03:04) Grayce's $75 per hour part-time
(01:05:44) Producer's investing in their first property at age 35
(01:09:45) Joel's first property
(01:13:20) Advice for singles
(01:14:10) Earning
(01:15:02) Advice for investing for your first property
(01:16:11) 2 factors to take note for spending habits
(01:17:23) Melvin always has cash in his pocket
(01:18:16) Yu Rong's envelope method
(01:19:12) Melvin's first property
(01:20:58) Delaying purchasing assets
(01:22:01) Latest news
(01:22:59) Conclusion

Watch the video on our NOTG YouTube Channel:
https://youtu.be/chh0-MQCUJU